OKX Review 2024: Unveiling Insights on OKX Exchange

OKX is a Seychelles-based cryptocurrency exchange founded in 2014 that has been serving millions of users in over 100 countries, ranking 4th in trading volume per our research and OKX review. Besides trading popular cryptocurrencies, OKX offers spot, futures, and derivatives trading.

As such, it is considered the world’s largest spot and derivatives exchange (also in terms of trading volume). The present CEO of the OKX trading platform, JayHao, had a profound interest and expertise in game development before he joined the cryptocurrency trading platform. The decentralized exchange started its journey from Hong Kong and later expanded to Malta after the Maltese government adopted a friendly approach to cryptocurrency investment and basic trading.

Initially known as OKEx exchange, it got support and investment advice from leading venture capitalists and investment companies like Ceyuan Ventures, VenturesLab, Longling Capital, eLong Inc, and Qianhe Capital Management, which helped the digital assets exchange to reach the pinnacle where it is now. So read this OKX review further, know all the insights of this exchange, and start exploring!

OKX Summary

Official Website https://www.okx.com/
Headquarters Victoria, Seychelles
Found in 2014
Native Token Yes
Listed Cryptocurrency 300+
Trading Pairs 500+
Supported Fiat Currencies USD, CNY, RUB, JPY, VND, INR & More
Supported Countries 200+
Minimum Deposit No fiat deposit is allowed, So Traders trade using cryptocurrencies
Deposit Fees 0
Transaction Fees Low
Withdrawal Fees 0
Application Yes
Customer Support 24/7

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OKX Platform Interface

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OKX was born out of its sister company OKCoin, mainly targeting professional crypto traders. OKCoin only focuses on cryptocurrency trading (buying and selling) and Initial Coin Offerings (ICO) tokens. In contrast, OKX offers a more sophisticated platform for other financial securities like spots, options, derivatives, and leverage trading apart from only cryptocurrencies. OKX launched its own ‘utility token’ OKB in 2018.

The token can be used to settle trading fees on OKX or to pay for “exclusive services,” including customer support services and enhanced API rates. Before registering on the platform, it is recommended that the traders go through the various OKX reviews available for a thorough knowledge of how the international cryptocurrency exchange works as per their independent research procedure.

OKX - The One-stop Destination for Crypto Traders

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OKX Features

The OKX exchange platform hosts some of the most innovative features that make it one of the top cryptocurrency exchanges in the world.

  • Easy-to-use interface allows beginners and more experienced traders to trade crypto on the platform.
  • Offers a vast selection of digital assets – more than 140 digital tokens and over 400 BTC and USDT pairs.
  • Allows multiple payment options like debit and credit cards, wire transfers, bank transfers, etc.
  • Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swaps, and quick trade (one-stop marketplace).
  • Low fees structured on market taker and maker model.
  • Zero deposit fees and also low withdrawal fees.
  • Robust security measures.
  • Excellent 24/7 customer service.
  • A dedicated platform for a decentralized NFT Marketplace to trade non-fungible tokens across a secure blockchain technology.
  • Practice trading with the help of demo trading on the OKX app, where traders can utilize simulated instances to learn and develop trading strategies before venturing into the live crypto market.
  • OKX Academy provides an excellent education section for beginners where traders can practice trades, learn trading ideas, and check out the analytics from the “Learn” tab.
  • OKX Pool is the perfect service for traders looking to mine cryptocurrencies through mining pools.
  • OKX and TradingView integration brings the notion of eliminating the need to switch from one platform to another by connecting the TradingView mobile app to the OKX account.
  • TafaBot and OKX partners offer access to trading bots that will specifically target futures, spot, and arbitrage trading via the TafaBot mobile application.

OKX Academy

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OKX Advanced Financial Services

Besides the above features, OKX crypto exchange boasts of the following key features and advanced financial services it offers its registered traders.

OKX NFT Marketplace

OKX introduces its presence in the NFT space by starting its decentralized NFT marketplace where traders can not just trade but create NFTs across platforms and diverse blockchains.

OKX NFT allows its traders to access the following:

  • Trending collections: A series of NFTs that have garnered the highest trading volume in USD over a time period.
  • Recent Rockets: NFT collections established with the highest floor price in a time frame.
  • Popular NFTs: NFTs selected from the highest trading figures.

Traders can browse NFT collections by category or explore the vast OKX NFT Marketplace as they see fit. Traders are presented with trading opportunities and tools. OKX NFT Launchpad pushes quality NFT projects to the marketplace while the secondary market shares information on the rarity of ranks and allows bulk buying of NFTs.

OKX Pool

This OKX review even covers how traders can earn a passive income through mining pools—introducing OKX’s Mining Pool.

Join the OKX Pool and Earn More!

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OKX provides a mining pool with a shared group of crypto miners who combine their computational resources over a specific network to mine cryptocurrencies. The OKX Pool supports Proof-of-work (PoW) mining of 9 major crypto assets, which allows users to offer their computer hash rate required to mine cryptocurrencies. In return, they will earn an additional passive income.

Algo-order Options

Various types of orders available in the market help investors place a trade at a predefined trade volume and price. Algo orders are such special orders that are highly vital for active day traders. Unlike most other crypto exchanges, OKX allows its registered users to trade cryptocurrencies with different types of orders, such as:

  • Limit market order
  • Stop-limit order
  • Advanced limit order
  • Iceberg
  • Trailing top order
  • TWAP or Time-weighted average price orders

OKX Exchange Pros and Cons

OKX, like many crypto exchanges, has its advantages and disadvantages.

Pros Cons
Low trading fees. US citizens are not allowed.
Zero OKX deposit fee charged. A demo account is not available.
Accepts multiple payment methods, such as a bank transfer. There are limitations to withdrawals.
Huge selection of cryptocurrency coins.
Allows a range of pro-trading options like spot market trading, futures, and derivatives trading
It has an easy interface together with a separate mobile application.

OKX Registration Process

Registration on the OKX platform is not a menace and is completed within a few minutes. Here is a step-by-step guide to the OKX login process and how to register and begin trading on the OKX trading platform.

Creating Account

To create an OKX account on the OKX crypto exchange, users first need to log in to the official website of OKX and click on the Sign-Up tab, which will open a registration form bearing mandatory fields like an email address (or phone number) and password. Users should create a strong password because these are the credentials they will need every time they log into their accounts on OKX.

Next, a 6-digit pin code (more like an OTP) will be sent to the given email address and phone number that has to be entered to proceed with the registration process further. No KYC is required at the time of registration on OKX, which sets the international cryptocurrency exchange apart from most competitors. However, if any trader wishes to withdraw over 100 BTC in 24 hours, the exchange might ask to submit KYC documents.

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Deposit Funds

After the OKX account verification with the 6-digit pin code is done, the users will have to fund their respective accounts. OKX allows multiple coins to make the deposits, and therefore users can choose from their preferred cryptocurrencies to fund their accounts. There is a separate tab named “Assets,” clicking which the pop-up menu will appear, and users can select the “deposit” option to make the deposits.

This will open the various cryptocurrencies on the platform, allowing users to choose their preferred ones. However, this is to be remembered that users are allowed to transfer a specific type of cryptocurrency to the wallet deposit address only when they receive the selected cryptocurrency.

Copying the wallet address into the user’s digital wallet and then transferring the crypto coins will end this step of funding his account on OKX. The minimum amount required to fund a trader’s account and begin trading is 10 USDT or any other digital assets of an equivalent amount.

Start Trading

OKX allows both crypto-to-crypto as well as fiat-to-crypto trading. In the case of crypto-to-crypto, global cryptocurrency traders can directly start doing that once they have funded their trading accounts on the OKX exchange. OKX allows multiple trading options like spot trading, margin trading, futures trading pairs, options, DEXs, or perpetual swaps.

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However, in the case of fiat-to-crypto trading, users need to click on the “Quick Trade” option that allows them to buy cryptocurrencies with fiat. On clicking the “Quick Trade” option, traders are asked what they want to do- buy or sell, thus setting their trading conditions.

If they select the “buy” option, they will have to choose any of the supported fiat currencies and set the amount of specific crypto they wish to buy with the fiat currency. Users will then be directed to a separate page where OKX offers the best prices for cryptocurrencies provided by third-party services.

OKX Review 2023- Quick Trade

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OKX Fees

With low exchange fees, OKX charges the following fees from traders registered on the platform.

Deposit and Withdrawal Fees

There are no fees charged on deposits from the traders, but there is a small withdrawal fee charged from traders, but that is also very low as compared to what other exchanges charge from their registered traders; 0.0005 BTC in the case of Bitcoin Cash, 0.01 in case of Ethereum, and 0.15 in case of Ripple. These are sometimes called work fees, as they are determined by the blockchain load of each of the customer assets on the exchange.

Trading Fees

OKX is one of the world’s top crypto spot and derivatives exchanges, and therefore the trading fee structure is slightly different from other crypto exchanges. OKX’s trading fee structure depends on whether a trader is a maker or a taker. However, most cryptocurrency traders are market takers rather than market makers because of the many securities needed to validate a trader as a market maker.

The fees for market takers charged by OKX are a maximum of 0.15% for spot trading for traders with less than 500 OKB tokens. However, the maker fee/taker fee can be reduced to 0.06% and 0.09%, respectively, if the traders hold over 2,000 OKB tokens within the OKX wallet.

The maker fee and taker fee for futures trading and other perpetual markets begin at 0.02% and 0.05%, respectively, which can also be reduced depending on the OKB tokens held in the trading account. Thus, OKX exchange fees are more competitive. High net-worth advanced traders with a high trading volume during a 30-day period can also avail of additional rebates and trading fee discounts.

Margin Fees

OKX offers margin trading, which means the platform allows registered traders to borrow funds from cryptocurrency exchanges. It is a tool that will enable traders to open a position with more capital than what was initially deposited. OKX provides a margin trading ratio (or leverage ratio) of 10:1 and 20:1, and 100:1 when traders choose to buy crypto tokens through perpetual swap contracts.

Therefore, the platform charges fixed interest rates on any position held overnight. OKX charges margin interest rates whenever tokens are borrowed. To know full fee details of the OKX cryptocurrency exchange, click here.

Margin Trading by OKX

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OKX Payment Methods

The following payment methods are available to traders registered on the OKX exchange.

OKX Deposits

Though OKX supports trading with both fiat and digital currencies, it allows only cryptocurrencies to deposit funds into a trader’s account; no OKX fiat deposit is allowed on the platform. Traders can purchase cryptocurrencies on the OKX website with a credit or debit card or transfer cryptocurrencies from other exchanges or any best crypto wallet (or hardware wallet).

Once their accounts are funded, they can directly begin trading on the OKX trading platform. When buying cryptocurrencies, traders can use multiple payment methods like bank account transfer, debit card, credit card, Google Pay, Apple Pay, IMPs, or PayPal. After creating an account, new users can fund their wallets and begin trading cryptocurrencies.

OKX Withdrawals

Traders can withdraw their preferred cryptocurrencies from the OKX crypto exchange with a small withdrawal fee of 0.0005 BTC in the case of Bitcoin, 0.01 in the case of Ethereum, and 0.15 in the case of Ripple.

User Experience on OKX

The users are happy and satisfied with the world-class trading features of the OKX trading platform. The website’s user-friendly interface is straightforward, and anyone, even if they don’t have prior trading experience, can operate on such platforms and efficiently execute trades on OKX.

The security, usability, competitive trading fees, excellent customer service, and high liquidity are some points that have yielded commendable performances for OKX. Thus, it has become the best cryptocurrency exchange in the crypto world, offering impeccable and a positive experience.

OKX Mobile App Experience

The OKX trading platform offers a user-friendly mobile application that can be easily downloaded from the Apple Store or Google Play. During the OKX exchange review, we decided to find out the advanced features of the OKX app, and what we found out is that the OKX application serves as an all-in-one crypto-currency trading crypto platform for traders.

It allows traders to buy and sell cryptocurrencies in all forms available – be it spot or derivatives, provides a real-time view of streaming quotes, enables storage of crypto coins on its built-in digital wallet, allows for easy deposit methods and withdrawal of funds, and also provides a subscription to updated crypto news. Moreover, the app has an easy-to-use interface that attracts newbies and professional traders.

It will still take some time for OKX Wallet to support BRC-30. This implies that once support is established, traders can stake the required tokens on Web3 Earn without trading their holdings. The OKX mission to offer opportunities for the community to participate in the ecosystem aligns with the proposal for the BRC-30 token support.

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OKX Supported Countries

OKX is available to more than 100 countries with the following exceptions – Hongkong, the US and its territories, North Korea, Sudan, Malaysia, Cuba, Ecuador, Iran, Syria, Bangladesh, Bolivia, and Kyrgyzstan.

OKX Regulation and Security

OKX is registered in Hong Kong and Malta and offers VFAA-compliant trading services. VFAA, or the Virtual Financial Asset Act, is a regulated authority under Malta Financial Services. OKX is trusted by the users who use its great features. As for security, it is one of the safest cryptocurrency trading platforms in the world that has never been hacked and thus has no negative reviews against it.

OKX Security Measures

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OKX is safe to use as it practices token security based on the core “private key encryption” algorithm, with the hot and cold wallet technology developed based on advanced privacy encryption technology. Moreover, to secure traders’ accounts from unauthorized access, OKX uses Two-Factor Authentication, Email verification codes, Mobile verification codes to withdraw funds and other security settings.

OKX Customer Support

OKX offers 24/7 online customer support to its registered users to help them solve any technical or trading issues, per our OKX exchange review. The customer support team can be contacted via phone, email-based ticketing, WhatsApp, or live chat, available on desktop and mobile apps.

For instance, customers can contact the support team if they have lost funds due to an incorrect detail added to the transaction. The support center can be contacted for such matters and even provide a detailed description of the issue and its solution.

Moreover, there is a great FAQ section and another exciting section called “Join the Community,” where users can get their issues answered and communicate with other users.

OKX Customer Support

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OKX Review: Our Verdict

The OKX exchange is one of the best cryptocurrency exchanges in the world that caters to the needs of both beginners and professional traders. This positive review points out that the competitive fee structure at OKX is a plus point for the exchange.

OKX’s orientation towards the Chinese market is evident because OKX supports CNY (Chinese Yuan) encryption which helps OKX evolve stronger in the international cryptocurrency exchange markets, catering to a wide array of audiences.

FAQs

Is OKX a Good Exchange?

Yes, OKX is an excellent platform for all types of trading experience, including spot, derivatives, futures contracts, trade options, and so on.

Does OKX Require KYC?

OKX does not require a KYC verification process at the time of registration. Still, if any trader wishes to withdraw over 100 Bitcoins within 24 hours, the cryptocurrency exchange might ask for KYC compliance.

Can US Citizens Use OKX?

No, US customers cannot use OKX due to strict regulations beyond the exchange’s control.

Is OKX Safe?

Yes, the OKX crypto platform is safe to use thanks to its hot and cold storage implementation based on advanced encryption technology, which secures the platform from hackers.

Is OKX Legit?

Yes, the exchange is widely trusted by traders because of its security, features, customer service, and its positive reviews over the years.

Can I Deposit Fiat on OKX?

No, OKX only allows cryptocurrency deposits to its exchange.

How Do I Get My Money Back From OKX?

The traders can withdraw money any time they wish to by filling out a withdrawal form and paying the required fees.

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